FAIRFIELD, Conn.--(BUSINESS WIRE)--GE will make a special one-time payment equal to one month's basic pension benefit to about 130,000 eligible retirees in December. The payment will be included in pensioners' December pension checks.
"We are pleased to provide this special payment that recognizes the past achievements of GE retirees and will be welcomed in the current environment," said John Lynch, GE's senior vice president, Human Resources.
The special payment will go to those who retired directly from GE on or before June 1, 2007. Also eligible are pensioners who left GE before retirement with 25 or more years of pension qualifying service and who started their pension on or before June 1, 2007. Surviving spouses of deceased eligible pensioners will also receive the payment. Retired GE executives are not eligible for this special payment.
Letters explaining each individual's payment are being sent to qualifying pensioners and surviving spouses this week.
This is the ninth voluntary improvement or payment GE has made to retirees since 1980.
GE (NYSE: GE) is a diversified infrastructure and finance company taking on the world's toughest challenges. From aviation and power generation to financial services, healthcare solutions, oil and gas and rail, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.